The US dollar is getting hit again in Asia

Photo by Christian Petersen/Getty Images

The US dollar just can’t take a trick at present. It’s been hit hard again in Asian trade, adding to the substantial losses seen overnight.

The latest bout of weakness coincided with the daily Chinese yuan fixing from the People’s Bank of China (PBoC) just after midday Australian Eastern Standard Time.

The PBoC set the USD/CNY at 6.3724, the strongest level since November 2015.

That mirrored similar moves against the US dollar in other major currencies overnight, kicking off a fresh wave of selling in the greenback.

The USD/CNY has fallen further in recent trade, hitting 6.3270, a drop of 0.6% for the session.

USD/CNY Daily Chart

That has lit a fire under commodity currencies such as the Australian and New Zealand dollars which are currently up 0.52% and 0.72% respectively for the session.

The likes of the euro, British pound, Japanese yen and Canadian dollar aren’t all that far behind with gains of between 0.25% and 0.4%.

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